Make sure you take rent receipts from your house owner. If the annual rent paid is in excess of Rs. 1,00,000, copies of registered lease agreement and home owner’s PAN card must be submitted.

#2. You can save tax and grow wealth at the same time

Certain tax saving mutual funds such as ELSS Funds, EPF, PPF, NSC, etc. made in accordance with section 80C of the Income Tax Act, give tax rebate. No tax has to be paid at the time of investing, earning and redemption, subject to a maximum limit as prescribed under the section.

#3. Some expenses are tax deductible

There are certain personal expense allowances provided by your employer which are eligible for exemption from tax. Some of them are:

1. Medical Expenses including preventive health check-ups

2. Medical Insurance Premium

3. Education Loan Interest

4. Housing Loan Interest and Principal

5. Life Insurance Premium

6. Dependents Healthcare

The exact amount of tax deduction from different tax saving instruments varies.

#4. Doing good can save you taxes too

Donating to a charitable cause can help you save tax. Section 80G of the Income Tax Act allows you to deduct up to 10% of your adjusted gross income by donating to certain charities.

Share this:

Like this:

LikeLoading...

Related

qyklyapp

Almost every other day we end up frustrated because of losing out on important information present in our SMS inbox. To ease out the daily functioning and keep track of our expenditures, online trades, financial accounts, utilities and a lot more in a systematic and organized way, we developed QYKLY at AARVEE IDEA LABS. The app makes life much more convenient by helping us to represent all our transactional messages into a crisp, clear and organized graphical form.